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Forum - Again with the "Europe is broke" postings on JREF

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SabertoothPosted: Feb 03, 2012 - 22:11

Level: 0

I wonder, is there any sure way to predict or debunk this?
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The Real RoxettePosted: Feb 04, 2012 - 05:05

There ARE more sluts in public schools. Shut up and let me explain.

Level: 8
CS Original
The general rule is, if it's someone who believes in Austrian Economics predicting something, it's likely not going to happen. The great shame of the skeptic community, I think, is the wide spread belief in woo economics among skeptics, which I just don't get at all.

As far as I know, based on the little I've read, and trust me I have no idea what I'm talking about: most of the Greek debt alone (90% or so) is backed by assets, so even if it defaults, most of it's already covered anyway, so it won't lead to a domino effect.
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KeppPosted: Feb 04, 2012 - 11:16

Level: 5
CS Original
Because woo economics is great for business. Except what's great for business isn't necessarily what's great for the workers or the country as a whole.
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GreedoPosted: Feb 04, 2012 - 12:05

Level: 1
at sabretooth - you Johny2x4 at JREF?
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CyborgJesusPosted: Feb 04, 2012 - 15:27

Level: 6
CS Original
These doomsdayers have an abysmal record of predicting future events. If someone predicts something, you should always check the when and why. In the case of the recent banking crisis, they got the timing right, but they linked the cause to anything from government spending to fiat money to Fannie Mae/Freddie Mac. Few actually mentioned the "real" cause of the crisis - synthetic CDOs acting as insurance for mortgage securities that were sure to default.

So I wouldn't worry too much about those folks. Their predictions tend to come true by chance, not because they actually understand the subject at hand. Why predict doom then? Well, the guys on youtube tend to be traders or investors who are in short positions, i.e., they make money when the market goes down. When you're seeing predictions on JREF however, it's usually someone who watched a bunch of those videos and uses an amateur's understanding of macroeconomics to feel contrarian superiority to all those dumb economists with their fancy degrees. These predictions are kinda like CTs for math nerds.
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SabertoothPosted: Feb 05, 2012 - 13:55

Level: 0
Quote from Greedo

at sabretooth - you Johny2x4 at JREF?

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